PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RETURNS. THERE IS NO GUARANTEE THAT ANY INVESTMENT WILL ACHIEVE ITS OBJECTIVES, GENERATE PROFITS OR AVOID LOSSES.

* 2014 Wealth & Finance Alternative Investment Award: Wealth & Finance International is dedicated to shining a spotlight on the brightest, best performing and most deserving companies and individuals from around the business world. The 2014 Wealth & Finance Alternative Investment Awards allow Wealth & Finance International to pay tribute to the businesses and individuals leading the way in one of the world’s most exciting and diverse industries. Wealth & Finance International leaves nothing to chance as its criteria carefully scrutinizes everything from a nominee’s region to their performance over the past 12 months, their commitment to innovation, their methods and even their competition to ensure that only the most deserving names walk away with one of its prestigious trophies. FoHF represents Fund of Hedge Funds.

** Acquisition International Hedge Fund Awards 2015: The Hedge Fund Awards recognise the achievements of those working within the investment and financial services community – from asset managers, wealth managers, private bankers and financial planners to brokers, banks, family offices, financial advisory firms and consultants. The awards pay homage to the leading professionals for going above and beyond in assisting their clients with managing their wealth, planning for the future of their business or their family and for
providing sound advice in all areas of finance. Acquisition International has welcomed nominations for firms throughout the globe, from very small niche practices to large corporations and have ensured that those who do go on to win one of these highly sought-after awards have been selected on merit and are based upon the votes received, the further evidence supplied and based on our own in-house research. To view the complete list of winners, as well as our brand new Hedge Fund Awards 2015 supplement, please visit: www.acquisition-intl.com.

RISK CONSIDERATIONS. Investments in securities involve risk of the loss of capital. An investment in the Steben Select Multi-Strategy Fund or the Steben Managed Futures Strategy Fund is speculative and there is no guarantee that a Fund will achieve its investment objectives. An investment in the Steben Select Multi-Strategy Fund or the Steben Managed Futures Strategy Fund should be viewed as part of an overall investment program and should only be made by investors willing to undertake the risk involved. Investors should be able to bear the loss of their investment. Diversification does not eliminate risk.

Steben Select Multi-Strategy Fund is part of a master-feeder structure and invests in a closed-end, non-diversified investment company with the same objectives and strategies (Master Fund), which in turn invests in hedge funds (Portfolio Funds). Fund investors will bear asset-based fees and expenses of the Fund, which includes the Fund’s pro rata portion of the fees and expenses of the Master Fund and, indirectly, of the Portfolio Funds. Those fees include performance-based compensation of the underlying managers.

Although registered as investment companies, both the Fund and Master Fund have limited liquidity and do not provide daily net asset values. The Fund’s shares are not listed on any securities exchange, and it is not anticipated that a secondary market for shares will develop. The Fund’s shares are subject to legal restrictions on transfer and resale and investors should not assume they will be able to resell their shares.The Fund cannot guarantee that investors will be able to effect repurchases of as many shares as they request.

An investment in the Fund includes the risks inherent in an investment in securities, as well as specific risks associated with limited liquidity, restricted liquidity of certain investments, distressed securities and other high risk investments, foreign currency translation, long-biased strategies, sector specific risks, counterparty risk, convertibles, use of derivatives for hedging and non-hedging purposes, leverage/borrowing, purchases of initial public offerings, valuation, master-feeder structure, use of short selling, investment in “junk bonds”, high portfolio turnover rate, conflicts of interest, options, futures, commodities, real assets and investment in non-US securities.

The Portfolio Funds may be highly leveraged. One or more underlying managers may invest a substantial portion of the assets managed in a particular market or sector, which may subject the Portfolio Fund (and the Fund) to greater risk and volatility than if investments had been made in the securities or derivatives of a broader range of issuers. There can be no assurance that an underlying manager’s strategy will be successful.

The Portfolio Funds in which the Fund invests can be highly illiquid and may not be required to provide periodic pricing or valuation to investors. The Fund may be less diversified and more subject to concentration risk than other funds of hedge funds. Steben & Company and the underlying portfolio fund managers may face conflicts of interest. Diversification among multiple hedge funds does not assure profit or guarantee against losses.

The Steben Managed Futures Strategy Fund is newly organized and has a limited operating history upon which investors can evaluate potential performance. The Fund is a non-diversified mutual fund that invests up to 25% of its assets in a subsidiary organized in the Cayman Islands. Changes in tax laws would likely decrease investment returns.

Investing in commodity futures subjects the Fund to greater volatility. Trading on foreign exchanges and foreign investments including exposure to foreign currencies, involves risks not typically associated with U.S. investments, including fluctuations in foreign currency values, adverse social and economic developments, less liquidity, greater volatility, less developed or inefficient trading markets, political instability and differing auditing and legal standards. Derivative instruments can be highly volatile, illiquid and difficult to value. The Fund’s use of derivatives such as futures, swaps, forward contracts and options contracts exposes the Fund to additional risks such as leverage risk, tracking risk, liquidity risk and counterparty default risk that it may not be subject to if it invested directly in the underlying securities. Investing in commodities through a controlled foreign corporation subsidiary involves taxation and regulatory risk. Where applicable, income received from commodities-related investments will be passed through to the Fund as ordinary income. The use of leverage can increase share price volatility and magnify gains or losses, as well as cause the Fund to incur additional expenses. Investment pools in which the subsidiary seeks exposure to through swap arrangements will pay management fees, commissions, operating expenses and performance based fees to each manager it retains. As a result, the cost of investing in the Fund may be higher than a mutual fund that invests directly in securities. Below investment grade and high yield or junk bond debt is subject to heightened credit risk, liquidity risk, and risk of default.

Before investing, you should carefully consider the investment objectives, risks, charges and expenses for the Steben Select Multi-Strategy Fund and the Steben Managed Futures Strategy Fund. For a prospectus of the Steben Select Multi-Strategy Fund or a summary prospectus of the Steben Managed Futures Strategy Fund that contains this and other information about each Fund, please contact Steben & Company at 800.726.3400 or info@steben.com. Please read the prospectus carefully before you invest.

Foreside Fund Services, LLC is Distributor for Steben Select Multi-Strategy Fund and Steben Managed Futures Strategy Fund and is not affiliated with the Funds’ advisor or sponsor.